NGSET Pipeline Roundtable. Changing Market. Craig Ramsey, Director of Producer Services. Kathy Kirk, Senior Vice President Marketing & Origination

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1 October 11, 2013 Boardwalk Annual Customer Meeting Nashville Customer Meeting NGSET Pipeline Roundtable Boardwalk s March, Response to the Changing Market Craig Ramsey, Director of Producer Services Kathy Kirk, Senior Vice President Marketing & Origination Boardwalk Louisiana Midstream Sulphur Hub 1

2 Important Information Forward-looking statements disclosure Statements made in this presentation that contain "forward-looking statements" include, but are not limited to, statements using the words believe, expect, plan, intend, anticipate, estimate, project, should and similar expressions, as well as other statements concerning our future plans, objectives, and expected performance, including statements with respect to the completion, cost, timing and financial performance of growth projects. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements speak only as of the date they are made, and the company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein or made in this presentation to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. For information about important Risk Factors that could cause our actual results to differ from those expressed in the forward-looking statements contained in or discussed during this presentation please see Available Information and Risk Factors, below. Given the Risk Factors referred to below, investors and analysts should not place undue reliance on forward-looking statements. Available Information and Risk Factors We file annual, quarterly and current reports and other information with the Securities and Exchange Commission, or SEC. Our SEC filings are available to the public over the internet at our website, and at the SEC s website Our filings with the SEC contain important information which anyone considering the purchase of our limited partnership units should read. Our business faces many risks. We have described in our SEC filings some of the more material risks we face. There may be additional risks that we do not yet know or that we do not currently perceive to be material that may also impact our business. Each of the risks and uncertainties described in our SEC filings could lead to events or circumstances that may have a material adverse effect on our business, financial condition, results of operations or cash flows, including our ability to make distributions to our unitholders. Our limited partnership units are listed on the New York Stock Exchange under the trading symbol BWP. 2

3 Large and Diverse Platform of Infrastructure Assets Boardwalk is a diversified midstream MLP that transports, stores, gathers and processes natural gas and liquids Boardwalk Operational Highlights Pipelines: We own and operate approximately 14,625 miles of natural gas and liquids Storage capacity: Our storage facilities have an aggregate working gas capacity approximately 208 Bcf of natural gas and 18 MMbbls of liquids Texas Gas Transmission Texas Gas storage facilities Gulf South Pipeline Gulf South storage facilities Gulf Crossing Pipeline Boardwalk Louisiana Midstream Hubs Boardwalk Storage Company Evangeline Ethylene Pipeline South Texas Gathering System Flag City Gas Processing Plant 3

4 Recently Announced Projects ($1.5 billion) Southern Indiana Market Lateral $95M in capex Capacity: 166,000 MMBtu/d In service: H (est)** **Subject to customer board and regulatory approvals Northern Supply Access $250M in capex Capacity: 280,000 MMBtu/d + 300,000 MMBtu/d available In service: H (est)* Western Kentucky Lateral $80M in capex Capacity: 230,000 MMBtu/d In service: H (est)* Coastal Bend Header $720M in capex Capacity: 1.4 Bcf/d In service: 2018 (est)* Ohio to Louisiana Access $115M in capex Capacity: 626,000 MMBtu/d In service: H (est)* South Texas Power Plant $80M in capex Capacity: 185,000 MMBtu/d In service: H (est)* * Subject to regulatory approval Sasol Ethane Cracker $145M in capex In service: H (est) Texas Gas Transmission Texas Gas storage facilities Gulf South Pipeline Gulf South storage facilities Gulf Crossing Pipeline Boardwalk Louisiana Midstream Hubs Boardwalk Storage Company Evangeline Ethylene Pipeline South Texas Gathering Systems Flag City Gas Processing Plant 4

5 Coastal Bend Header Project to Serve Planned Freeport Liquefaction Export Terminal Capex Est.: $720 mm* Contracted Capacity: ~1.4 Bcf/d with 20-year firm precedent agreements In-Service: 2018 (est.)** *Capex may change based on customer elections that have yet to be finalized **Subject to regulatory approvals 5

6 North-to-South Projects: OH-LA and Southern IN Market Lateral Ohio-to-Louisiana Access Project Capex Est.: $115 mm Contracted Capacity: 626,000 MMBtu/d with 13-year weighted average FT contracts Southern Indiana Market Lateral Lebanon Marcellus & Utica Supplies In-Service: H (est.) Project is subject to regulatory approval Perryville Southern Indiana Market Lateral Capex Est.: $95 mm Contracted Capacity: up to 166,000 MMBtu/d for proposed 30-mile lateral 132,000 MMBtu/d of north-to-south mainline capacity (in addition to the 626,000 MMBtu/d in the proposed Ohio-to-Louisiana Access Project) 20-year weighted average FT contracts In-Service: H (est.) Project is subject to customer board and regulatory approvals 6

7 Additional North-to-South Projects Northern Supply Access Project Capex Est.: $250 mm Contracted Capacity: 280,000 MMBtu/d with 16-year weighted average precedent agreements Lebanon Marcellus & Utica Supplies In Service: H (est.) Project is subject to regulatory approval Perryville Texas Gas Mainline to End-Use Markets and Perryville Exchange Additional Capacity Being Marketed Approx. 300,000 MMBtu/d of available capacity remaining 7

8 Western Kentucky Lateral Western Kentucky Lateral Texas Gas Transmission Proposed lateral Interconnect Lebanon Marcellus & Utica Supplies Western Kentucky Lateral Capex Est.: $80 mm Contracted Capacity: 230,000 MMBtu/d 20-year weighted average precedent agreements Perryville In-Service: H (est.) Project subject to regulatory approvals 8

9 Boardwalk Louisiana Midstream Growth Evangeline Ethylene Pipeline provides ethylene transportation from East TX/West LA to the Mississippi River Corridor Acquired in October 2014 for approximately $295 million Approx. 180 mile, 16 interstate ethylene pipeline Capacity: ~2.6 billion lbs/yr (expandable to 3 billion lbs/yr if capital spent to re-start the Anchorage Pump Station + potential for further expansions) Contracts: Ship-or-pay contracts for 2.0 billion lbs/yr with IG customers - weighted average term ~5 years Expansion to Serve Sasol s Ethane Cracker: Ethane cracker to be located near our Sulphur Hub Est. Capex: $145mm Will provide ethane and ethylene transportation and storage services Expected In-Service: H Evangeline receipt points in Port Neches, TX BLM Sulphur Hub Provides ethylene, ethane and propane transportation and storage services BLM Choctaw Hub Provides ethylene, propylene, natural gas and brine transportation and storage services Evangeline bidirectional meters in Orange, TX and Lake Charles, LA Evangeline delivery points in Baton Rouge area BLM Operations Operating Hubs Evangeline Pipeline 9

10 Projects to Attach to Additional End-Use Markets Projects to provide approximately 575,000 MMBtu/d of natural gas deliveries to power and industrial plants EXECUTED AGREEMENT Connection to power plant in South Texas (specific location not disclosed) Executed 20-year precedent agreement to serve new combined cycle power plant in South Texas with targeted in-service date of H Commitments to deliver approximately 185,000 MMBtu/d EXECUTED AGREEMENT Connection to power plant in Indiana Executed 5-year firm and no-notice service agreements to serve new gas-fired power plant in Indiana with targeted in-service date of Q Commitments to deliver approximately 105,000 MMBtu/d IN SERVICE Connection to power plant in Kentucky Firm transportation agreement to serve new combine-cycle power plant in Kentucky began November 1, 2014 Long-term firm commitment to deliver approximately 105,000 MMBtu/d EXECUTED AGREEMENT Connection to industrial plant in Louisiana Executed long-term precedent agreement with an industrial end-user (subject to customer receiving FID on plant) with targeted in-service date of Q1-18 Firm commitment to deliver 80,000 MMBtu/d EXECUTED AGREEMENT Connection to industrial plant in Louisiana Executed 11-year firm transportation agreement to serve a new industrial plant in Louisiana with targeted in-service date of Q1-16 Firm commitment to deliver approximately 100,000 MMBtu/d of natural gas 10

11 Boardwalk Commercial Contacts Rick Whitworth, VP Business Development Jill Edwards, Director Business Development Edgar Tavares, Manger Business Development Mike Martin, Director Gas Supply Craig Ramsey, Director Producer Services Denine Hughes, Gas Supply Coordinator Galen Lee, Lead Operations Analyst